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Silo Hotel sets tone for V&A property boom

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The opening of the six-floor five-star Silo Hotel last month has set the tone for an exciting year for the V&A Waterfront Marina and Silo District.

The opening of the six-floor five-star Silo Hotel last month has set the tone for an exciting year for the V&A Waterfront Marina and Silo District.

This is reflected in the residential property market performance for the first quarter, with the Waterfront Marina ending on R158 million, the highest since early 2015.

Average selling prices have also spiked by between 25% and 32% since last year, say Lynn Pinn and Finella Botes of Seeff’s Waterfront team.

The Canal apartments continued to see the highest demand, accounting for 80% and achieving an average selling rate of R93 387/m²

The highest price reached a record R96 561/m² in January.

Most sales were two-bedroomed units in the R10m-R20m price band. A single three-bedroomed unit in Kylemore sold for R19.5m.

The Front Yacht Basin continues to rank with Clifton in terms of achieving the highest selling rates, reaching R117 500/m2 on average. Pinn and Botes said the average selling price had reached R26.8m.

The completion of the new Silo’s are eagerly awaited, given that a sale in Silo 1 in March achieved a record R106 522/m2. The average selling rate stands at R77 588/m².

Neighbouring Mouille Point is just as “hot”, say the agents.

While apartments on the Beach Road strip have sold for R50 746-R82 677/m², The Waterclub reached record highs of R115 423-R127 481/m².

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